Dehaier Medical Signs a Strategic Cooperation Agreement With WideMed

Published 8:30 AM ET Mon, 20 May 2013
Globe Newswire

BEIJING, May 20, 2013 (GLOBE NEWSWIRE) -- Dehaier Medical Systems Ltd. (Nasdaq:DHRM) ("Dehaier" or the "Company"), an emerging leader in the development, assembly, marketing and sale of medical devices and homecare medical products, today announced that it entered into a strategic cooperation agreement with WideMed Ltd. (TASE:WDMD), a leading Israeli company engaged in the research, development and sale of innovative products for the growing bio-medical signal diagnostics and treatment market, to become WideMed's exclusive partner in China to market the Morpheus Ox System, a cost-effective, portable home sleep diagnostic and monitoring solution which enables to diagnose sleep disorders using a standard oximeter recording plethysmograph signal. The Signing Ceremony of Cooperation has been hold on May 20, 2013 and invited Mr. Matan Vilnai, The Israeli Ambassador to China, and also officials from Changping District of Beijing City to attend the ceremony.

Dehaier will cooperate with WideMed to develop a new type watch-size device, which is designed to be integrated into existing Morpheus Ox platform. By collecting and recording the physiological data from the patients who wear watch-size device at home, the advanced automatic sleep scoring software is able to generate an accurate and reliable sleep study diagnosis, including Apnea Hypopnea Index (AHI), sleep/wake, and Cheyne-Stokes breathing. The new generation Morpheus Ox is going to be a comprehensive platform which manages a cost-effective sleep services operation, including patient electronic medical record, cardiac and sleep diagnostics outcomes and a complete workflow management.

The web based automatic scoring and data management is able to facilitate operational efficiency and maximize growth potential, by way of providing its users valuable & timely clinical information to improve patient treatment. Moreover, it could also function as an enhanced Electronic Medical Record (EMR) clinical Database for hospitals. The system has passed the FDA and CE certificate, and is being prepared for SFDA registration.

Mr. Matan Vilnai, The Israeli Ambassador to China, gave the speech in the signing ceremony and he quoted, "This partnership between WideMed; an Israeli company with great innovative capabilities and Dehaier Medical; a specialized Chinese company with great developing and manufacturing capabilities, is the perfect example of the kind of cooperation that we, in the state of Israel, encourage and support."

Mr. Ping Chen, Chairman and Chief Executive Officer of Dehaier Medical also commented in the signing ceremony, "In China, there is a huge potential for sleep disorder and diagnosis market, but the lack of cohesive product and solution has caused the slow acceptance from Chinese consumers and healthcare providers. We believe that the introduction of Morpheus Ox could change that as Morpheus Ox leads to a close relationship among patients, doctors and hospitals and it will establish a sustainable market. We are confident that the state-of-the-art system would be an innovative success in domestic sleep diagnosis market going forward."

About Dehaier Medical Systems Ltd.

Dehaier is an emerging leader in the development, assembly, marketing and sale of medical products, including respiratory and oxygen homecare medical products. The company develops and assembles its own branded medical devices and homecare medical products from third-party components. The company also distributes products designed and manufactured by other companies, including medical devices from IMD (Italy), Welch Allyn (USA), HEYER (Germany), Timesco (UK), eVent Medical (US) and JMS (Japan). Dehaier's technology is based on six patents, nine software copyrights and proprietary technology. More information may be found at http://www.dehaier.com.cn

About WideMed Ltd

WideMed is a leading company in the growing bio-medical signal diagnostics and treatment market. Leveraging its innovative signal processing algorithms, the company offers comprehensive signal analysis and workflow management services and solutions to the fast Ever since the introduction of Morpheus® - the world's first FDA-cleared computer –aided sleep scoring solution. WideMed is continuously bringing major technological breakthroughs to the sleep clinical market.

Forward-looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, government approvals or performance, and underlying assumptions and other statements that are other than statements of historical facts, including in particular any implications regarding the implementation of the ultrasound machine procurement agreement. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, future developments in payment for and demand for medical equipment and services, implementation of and performance under the joint venture agreement by all parties, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.